According to our new research study on “Microplate Reader Market Forecast to 2027 – COVID-19 Impact and Analysis – by Type, Application, and End User,” the microplate reader market is expected to reach US$ 704.4 million by 2027 from US$ 534.5 million in 2019; it is estimated to grow at a CAGR of 3.6% from 2020 to 2027. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth.

A microplate consists of small wells wherein separate reactions take place. A microplate reader is laboratory machine used for the estimation of biochemical or physical reactions, properties, and analytes within the microplate wells. It detects signals and quantifies the parameter of interest. The use of readers reduces operational time and saves reagent costs, allowing researchers to commit more time to analyze data analysis and derive actionable insights.

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On the basis of application, the microplate reader market is segmented into genomics and proteomics research, drug discovery, clinical diagnostics, and other applications. In 2019, the drug discovery segment held the largest share of the market; however, the clinical diagnostics segment is estimated to register the highest CAGR of 4.2% during the forecast period. The market growth of the clinical diagnostics segment is attributed to the increasing use of advanced technologies in the diagnostics industry and growing emphasis on quick disease diagnosis.

The microplate reader market is witnessing considerable growth amid the COVID-19 pandemic. Surge in research and development, and diagnostics activities pertaining to the novel coronavirus is a key factor propelling the market growth. In addition, emphasis on vaccine development across the world is also estimated to offer lucrative opportunities for the market growth.

Biotek Instruments, Inc., Hercuvan Lab Systems, Molecular Devices, Llc, Thermo Fisher Scientific, BMG Labtech, Promega Corporation, Perkinelmer Inc, Bio-Rad Laboratories, Inc., Tecan Trading AG, and Lonza are among the leading companies operating in the microplate reader market.

The report segments microplate reader market as follows:

By Type

1. Single-Mode Microplate Readers
   1. Absorbance Plate Readers
   2. Fluorescence Plate Readers
   3. Luminescence Plate Readers
2. Multi-Mode Microplate Readers
   1. Filter-Based Readers
   2. Monochromator-Based Readers
   3. Hybrid Readers

Biotek Instruments, Inc. and BMG Labtech -Notable Market Players in Microplate Reader Market

A microplate reader is laboratory machine used to estimate bio-chemical or physical reactions, properties, and analytes within the microplate well. A microplate consists of small wells in which separate reactions take place. The microplate reader detects signals and quantifies the parameter of interest. It reduces operational time to save reagent costs, allowing researchers to commit more time to data analysis and create actionable insights.

Market leaders operating in the market have undertaken various organic growth strategies in the microplate reader market. The microplate reader market majorly consists of the players such Biotek Instruments, Inc., Hercuvan Lab Systems, Molecular Devices, Llc, Thermo Fisher Scientific, Bmg Labtech, Promega Corporation, Perkinelmer Inc, Bio-Rad Laboratories, Inc., Tecan Trading AG, and Lonza amongst others. Several organic approaches, such as product launches, and expansion in the microplate reader market, have resulted in the positive growth of the market. Product launches help the company to strengthen its product offering and the customer base, which allows the company to hold a strong position in the market. Similarly, utilizing expansion activities, it is easy to venture into untapped economies and use the opportunities being offered.

The microplate reader market is expected to witness considerable growth during the pandemic. Certain factors such as increased research & development activities and enormous growth in diagnostic testing for coronavirus is expected to have potential impact on market growth. In addition, emphasis on vaccine development across the globe is also estimated to offer lucrative opportunity for the market growth.

Below is the list of the growth strategies done by the players operating in the microplate reader market:

Jan-2019         BioTek Instruments introduced next generation Epoch 2 Microplate Spectrophotometer; with added features that enable multiple conveniences for performing absorbance measurements.

Feb-2019         BMG LABTECH introduced the new CLARIOstarPlus, further extending its range of high-quality microplate readers.

Aug-2017        PerkinElmer, Inc announced the launch of its new VICTOR Nivo multimode plate reader. It is designed to fit almost any lab space.

Dec-2020        Hercuvan Lab Systems announced the appointment of Ting Hang Technology Limited as official distributor for all product series of Hercuvan’s product range in Hong Kong effective November 2020. Tin Hang Technology is the leading laboratory supplier in Hong Kong & Macau established in 1996. Representing over 200 renowned brands around the world

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